ConocoPhillips (COP) closed the most recent trading day at $106.44, moving -0.61% from the previous trading session. This move lagged the S&P 500's daily gain of 0.39%.
Coming into today, shares of the energy company had gained 2.07% in the past month. In that same time, the Oils-Energy sector gained 0.76%, while the S&P 500 gained 3.16%.
Wall Street will be looking for positivity from ConocoPhillips as it approaches its next earnings report date. This is expected to be August 3, 2023. On that day, ConocoPhillips is projected to report earnings of $2.16 per share, which would represent a year-over-year decline of 44.76%. Our most recent consensus estimate is calling for quarterly revenue of $15.85 billion, down 27.9% from the year-ago period.
COP's full-year Zacks Consensus Estimates are calling for earnings of $9.53 per share and revenue of $64.8 billion. These results would represent year-over-year changes of -29.51% and -21.12%, respectively.
It is also important to note the recent changes to analyst estimates for ConocoPhillips. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 1.76% lower. ConocoPhillips is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, ConocoPhillips is holding a Forward P/E ratio of 11.23. This valuation marks a discount compared to its industry's average Forward P/E of 14.49.
Meanwhile, COP's PEG ratio is currently 0.62. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. COP's industry had an average PEG ratio of 0.62 as of yesterday's close.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 232, which puts it in the bottom 8% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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